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Research Analysis Predicts 7.6 Million Hybrid Sales Worldwide by 2023

June 05, 2013

A new research study predicts that the hybrid-electric vehicle market will increase from 2 million units sold worldwide in 2013 to 7.6 million in 2023. The pure electric vehicle (PEV) market will likewise increase in sales from 70,000 in 2013 to 2 million units by 2023.

These figures are contained in a new report from IDTechEx that predicts the market for all hybrid and electric vehicle types, including passenger, off-road, two-wheel, marine, and air models.

Statistics in the report, "Hybrid & Pure Electric Vehicles for Land, Water & Air 2013-2023: Forecasts, Technologies, Players," predict that, by 2023, Europe will dominate the market for EVs in the categories of heavy industrial and disability mobility. China will be the main purchaser of e-bikes and e-buses. In addition to China, the Philippines and India will be the primary markets fo the car-like micro EV/quadricycles. The U.S. will be the primary purchaser of military-grade EVs. The authors of the report conclude that, while EV adoption will be increasing, it won't be a uniform process from market to market.

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